life insurance

Is It Time to Change Your Life Insurance Plan?

December 31, 2023

Life insurance is an essential part of planning for the future, providing a safety net for loved ones and safeguarding against unpredictable twists of fate. The significance of life insurance becomes more profound when viewed through the lens of life's pivotal milestones. 

Imagine the importance of life insurance when you think about a new marriage or the challenge of navigating a divorce. What about when cradling a newborn in your arms or acquiring a substantial asset? As you journey through life, these milestones shape and redefine your existence. It's not merely about reassessing your life insurance policies; it's about acknowledging each milestone's emotional weight and ensuring that you safeguard the future of your loved ones.

Life Milestone 1: Marriage or Divorce

Marriage and divorce are two significant life milestones requiring an immediate policy update. This crucial step addresses shared financial responsibilities and ensures you have the coverage to support your family financially. Along with this update, you should check your beneficiary information to see that your life insurance benefits go to the intended recipient upon your death. 

Life Milestone 2: Birth of a Child

Expanding your family is an exciting time in your life. Help to protect your child’s future by ensuring you have enough life insurance coverage to cover everything from daily care to a college education. You should also add your child to your beneficiaries if you wish to divide the benefits between your spouse and children.

Life Milestone 3: Acquisition of Property or Inheritance

Owning property or inheriting other financial assets can impact your life insurance needs. You may need additional coverage to protect a mortgage loan or want to decrease your policy to reflect your increased assets. Always adjust your policies to accommodate property changes or windfalls. 

Regular Policy Reviews

Having a life insurance policy is all about protecting those you love the most. Regular policy reviews ensure your policy benefits your loved ones when they need financial support the most. 

Remember that changes to your finances, assets, and family makeup can dramatically impact the amount of insurance you require to cover your debts and provide for your family in the event you pass away. 

Time for Change

No one wants to think about the implications of using a life insurance policy, but thinking ahead and providing for your family in this way can provide you with peace of mind. Life insurance is not a one-size-fits-all policy, so it’s important to frequently reevaluate your coverage to determine if it still provides the best value for your situation and to make changes that reflect any recent life milestones. Contact us for professional guidance from the experts at 1891 Financial Life to secure the policy or adjustment you need. 

About 1891 Financial Life

At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.

Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.